Pubic Security Ministry takes over Vietnam’s third largest telecom firm MobiFone
The Ministry of Public Security has officially taken over the management of MobiFone, Vietnam’s third-largest telecom company, from the State Capital Management Committee (SCMC).
The transfer was approved by the government on Thursday as part of its ongoing administrative streamlining drive.
MobiFone's headquarters in Hanoi. Photo courtesy of the firm.
Previously, state-owned MobiFone was under the SCMC’s management. However, under the government’s administrative reforms, the SCMC ceased operations and transferred the responsibility of state ownership representation for 19 state-owned groups and corporations to the Ministry of Finance.
Founded in 1993, MobiFone was Vietnam’s first telecommunications company. According to Vietnam’s ICT White Book 2023, the company held a 17.9% share of the domestic telecom market, behind Viettel (56.3%) and VNPT (21%), both of which are state-owned.
In 2024, MobiFone reported a pre-tax profit of VND2,048 billion ($80.2 million), exceeding its target by 20.6%.
Some of its segments posted strong growth from 2023, such as MobiFone Meet (1,050%), Cloud (312%), mobiAgri (49%), and MobiFone Invoice (58%).
The company currently has 21 member units with a total of 4,000 employees. As of end-2023, it had total assets of VND31,630 billion ($1.24 billion) and owners’ equity of VND23,140 billion ($906.3 million).
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